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Ingevity up 5% on Q3 sales beat
Oct. 20, 2020 7:31 AM ET|About:
Ingevity Corporation (NGVT)|
Ingevity (NYSE:
NGVT)
reports Q3 net sales of $332M down 7.8% Y/Y (consensus of $312.90M) driven by the economic impacts of COVID-19 .
Net income of $70M up 16.7% Y/Y; net income margin of 21.1%, compared to 16.6% in the prior year quarter.
GAAP EPS of $1.69 compared to $1.41 in the prior year period. Non GAAP EPS of $1.79 (consensus of $1.01) as compared to $1.46 in the prior year quarter.
Adjusted EBITDA of $128M up 11.9%Y/Y; adjusted EBITDA margin of 38.5% is up 680 basis points.
The company generated operating cash flow of $90M, which translated to free cash flow of $74M.
FY20 guidance: EBITDA to between $355M-$365M versus
previous guidance of $310M-$350M; narrows guidance for sales to between $1.15B-$1.20B versus previous guidance of $1.10B-$1.20B (consensus of $1.15B).
“With the exception of
our pavement technologies business, our Performance Chemicals segment was negatively impacted by a weak economy resulting from COVID-19. We continue to control costs which resulted in our adjusted EBITDA margins remaining solidly in the mid 20s,”says Fortson, president and CEO.
Shares up 5% in premarket.
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